The crypto market cap, bitcoin (BTC) and Ethereum (ETH) declined recently towards important supports. BCH, Stellar (XLM), ADA, EOS, ripple and tron (TRX) are likely to bounce back in the short term.
Bitcoin Cash Price Analysis
Bitcoin cash price failed to stay above the $290 support and declined heavily support against the US Dollar. The BCH/USD pair broke the $285 support level and even cleared the $270 support level. The price tested the $265 support level and it is currently consolidating losses.
On the upside, an immediate resistance is near the $270 level, above which the price is likely to climb higher towards the $280 and $285 resistance levels.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price failed to hold the key support near the $5.50 level. There was a sharp decline below the $5.40 and $5.30 support levels. The price tested the $5.25 support and it is currently correcting higher. An initial resistance is at $5.40, above which the price could test the main pivot area near the $5.50 level.
Stellar price failed to stay above the $0.1250 level and recently declined below the $0.1200 support level. XLM price even broke the $0.1150 support and it seems like sellers are likely to aim the main support near the $0.1100 level in the near term.
Tron price failed to stay above the $0.0300 level and declined recently. TRX price broke the $0.0290 and $0.0280 support levels to enter a bearish zone. It even traded below the key $0.0270 support level and tested the $0.0260 support. The next main support is at $0.0250, where buyers could take a stand.
Looking at the total cryptocurrency market cap hourly chart, there was a strong rejection near the $178.5B ad $180.0B resistance levels. The market cap declined more than $20 billion and tested the $158.0B and $160.0B support levels. It is holding the key $158.0B support level, with a bullish angle. Therefore, there are chances of a sharp bounce in the near term towards $165.0B or $170.0B levels. Conversely, a break below the $158.0B support may accelerate losses. Overall, there are chances of a solid comeback in bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, ICX, WTC, and other altcoins in the near term.
